Join Bob McGannon for an in-depth discussion in this video Using a request for quotation (RFQ), part of Project Management Foundations: Procurement.
In my life as a program manager,…I work on procurement exercises all the time.…In my personal life, however, I'm not much of a shopper.…I shop when I have to, and the process…is best described as hunt and catch.…I go to the store knowing exactly what I want,…I find it at the price I think is fair and I purchase it.…The Request for a Quotation or RFQ…is the business version of hunt and catch.…If you know what you want, rather than get…into your car and drive to a number…of sellers, you send out an RFQ.…
RFQs are great when you need to purchase common…products, such as PCs with specific features,…commonly used parts, or supplies for training.…When the process is done properly,…it can be quick and easy to obtain quotes…and select your preferred seller.…Here are a few things to consider…prior to writing your RFQ.…Determine what you need versus…want so your RFQ will be concise.…Decide your selection criteria.…Are you looking for lowest price,…quickest delivery, a local provider,…a certain color, or a provider…located in several locations?…
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- Define project procurement.
- Distinguish when to use vendors and partners.
- Compare and contrast building versus buying.
- Identify different types of contracts.
- List types of payment approaches.
- Test your market.
- Build and use a request for information (RFI).